(EDITOR’S NOTE: According to the Mercury news, the property – located at 2531 Blanding Avenue – sold for $57 million, or about $543 per square foot.)
SAN JOSE, Calif. – DJM Capital Partners, a California-based private equity real estate developer, owner, and manager, today announced that it has closed on the Bridgeside Shopping Center in Alameda, California. The deal is in conjunction with financial partner PGIM; the acquisition marks the third partnership between PGIM and DJM, which will serve as the property’s operating manager.
The 105,000 square-foot property, built in 2006, is a 100% occupied grocery-anchored retail center in one of the most supply-constricted Bay Area markets. The diverse tenant mix includes anchor Nob Hill as well as essential needs, pet, medical, financial service, and restaurant tenants. DJM brings its expertise in retail as an operating partner and property manager with a fully vertically integrated team focused on leasing, operations, property management, and marketing. DJM is expanding its portfolio of lifestyle- and grocery-anchored daily needs centers and Bridgeside is another example of the firm’s commitment to retail and scaling its portfolio.
“We are excited to expand our portfolio with PGIM in Northern California as we continue to execute our plan to grow assets under management. Our long-standing partnership has been built on DJM’s ability to unlock value as a best-in-class retail operator,” said Lindsay Parton, President of DJM.
PGIM and DJM are currently partners at Bella Terra, a 852,000-square-foot, mixed-used lifestyle center located in Huntington Beach, California and also at Long Beach Exchange (LBX), a 246,500-square-foot, grocery-anchored retail center in Long Beach, California.
DJM is a private equity real estate owner, operator and developer based in California. DJM creates long-term value by transforming real estate to meet the 21st century demands of consumers, retailers, and office users. With a focus on placemaking, DJM leverages design, development, and best-in-class management to create places where people thrive. DJM is represented by a current portfolio of approximately four million square feet with an estimated portfolio value of $2 billion.
As one of the largest real estate managers in the world with $195.4 billion in gross assets under management and administration, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).